From the Viewpoint of the Consumer Buying Process, What Is

question 25

Multiple Choice

From the viewpoint of the consumer buying process, what is the difference between a need and a want?

• A) Needs are absolute necessities, whereas wants are discretionary.
• B) Needs are related to specific products, whereas wants occur only when the consumer has the ability to purchase the product.
• C) Needs are based on discrepancies between actual and desired satisfaction, whereas wants occur relative to specific products that can fulfill a need.
• D) Needs focus on specific elements of a product's quality, whereas wants are related to the "extras" that add value to the product.
• E) Needs and wants are essentially the same, except that consumers will pay more for products they need.

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Definitions:

Equilibrium Price

Prevailing market price at which you can buy an item.

Substitute Goods

Products or services that can replace or be used in place of another to satisfy the consumer's needs.

Supply Curve

Graph that shows the relationship between different prices and the quantities that sellers will offer for sale, regardless of demand.

Technologies

The application of scientific knowledge for practical purposes, especially in industry and improvements in tools, machinery, and devices.